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Friday, June 5, 2026

UTP Vendor Alert #2026 - 15
New Enhanced Symbol Directory Message

Markets Impacted:

Products Impacted:

Contact Information:

What you need to know:

  • UTP SIP will introduce an “Enhanced Symbol Directory Message” (Category A – Type F) in support of new releases in Q4 2026. This message will be sent alongside the current Symbol Directory Message (Category A – Type B).

  • At the request of the UTP Operating Committee and the Industry, several additional fields will begin to be provided as part of a directory spin to aid the industry in preparing for new initiatives this year.
    • SEC Mandated MPI Tick Rule: Starting November 2026, rule changes require a minimum price indicator. The Enhanced Symbol Directory Message will include an “mpiTick” increment for each Nasdaq Listed security. Beginning on November 2, 2026, Nasdaq Listing Market will provide UTP SIP with MPI values as designated by the SEC mandate, which will be distributed to data recipients via the new Enhanced Symbol Directory Message.

    • Extended Operational Hours: Starting December 6, 2026, the industry has agreed to begin operating UTP SIP on a new schedule that will cover 23 hours 5 days a week. Upon implementation of this new schedule, the UTP SIP will begin on Sundays at 21:00 (9:00pm EST) through Fridays at 20:00 (8:00pm EST) with a planned 1-hour maintenance window each evening between approximately 20:00 – 21:00 (8:00pm – 9:00 pm EST).

  • UTP will offer additional data in this new Enhanced Symbol Directory Message:
    • New Issue Indicator: initial implementation will indicate IPO status
    • ETP Indicator: Indicates if this security is an exchange-traded product
    • MPI Tick: Minimum Price Increment for security
    • Trading State: Trading State (halted / trading) at time of message dissemination
    • Halt Reason: If Security Halted, reason code is provided
    • Reg SHO Action: Reg SHO state (Rule 201) at time of dissemination

  • Beginning December 6, 2026, the following values are expected to be received from the Listing Market and populated accordingly within the new Enhanced Symbol Directory Message. Until then they will be reserved fields.
    • RESERVED conPrior Close: Consolidated prior day’s close, adjusted if needed
    • RESERVED lmPrior Close: Listing Market’s official prior day’s close, adjusted if needed

What is Changing?

UTP SIP is introducing a new Enhanced Symbol Directory Message (Category A – Type F) in support of new releases scheduled for Q4 2026. This new message will be disseminated alongside the existing Symbol Directory message (Category A – Type B). UTP intends to retire the existing Issue Symbol Directory Message (AB) sometime in the first quarter of 2027. A UTP Vendor notice will be issued prior to its retirement.

What new releases are planned?

SEC Mandated MPI Tick Rule: Starting November 2026, rule changes require a minimum price indicator. The Enhanced Symbol Directory Message will include an “mpiTick” increment for each Nasdaq Listed security. Beginning on November 2, 2026, Nasdaq Listing Market will provide UTP SIP with MPI values as designated by the SEC mandate, which will be distributed to data recipients via the new Enhanced Symbol Directory Message.

Extended Operational Hours: Starting December 6, 2026, the industry has agreed to begin operating UTP SIP on a new schedule that will cover 23 hours 5 days a week. Upon implementation of this new schedule, the UTP SIP will begin on Sundays at 21:00 (9:00pm EST) through Fridays at 20:00 (8:00pm EST) with a planned 1-hour maintenance window each evening between approximately 20:00 – 21:00 (8:00pm – 9:00 pm EST).

What new data elements will the Enhanced Symbol Directory Message include?

At the request of the UTP Operating Committee and the Industry, several additional fields will begin to be provided as part of a directory spin to aid the industry in preparing for new initiatives this year. UTP will offer additional data in this new Enhanced Symbol Directory Message:

  • New Issue Indicator: initial implementation will indicate IPO status
  • ETP Indicator: Indicates if this security is an exchange-traded product
  • MPI Tick: Minimum Price Increment for security
  • Trading State: Trading State (halted / trading) at time of message dissemination
  • Halt Reason: If Security Halted, reason code is provided
  • Reg SHO Action: Reg SHO state (Rule 201) at time of dissemination

Beginning December 6, 2026, the following values are expected to be received from the Listing Market and populated accordingly within the new Enhanced Symbol Directory Message. Until then they will be reserved fields.

  • RESERVED conPrior Close: Consolidated prior day’s close, adjusted if needed
  • RESERVED lmPrior Close: Listing Market’s official prior day’s close, adjusted if needed

Please refer to the updated UTP Output Specifications for details on the new message and data format.

What is the timeline for this enhancement?

The UTP SIP intends to have the new Enhanced Symbol Directory Message (Category A – Type F) available for testing and production prior to the November 2, 2026, MPI SEC compliance date and well in advance of the new Extended Operational Hours change.

UTP is finalizing a release schedule for this new message and will communicate a delivery timeline via additional vendor alerts. It is expected that testing will be conducted in September 2026.

The UTP SIP and SIAC are working jointly, in consultation with the UTP Operating Committee, to establish a release schedule that ensures a smooth transition. The UTP SIP and SIAC will work closely with the industry to ensure participation in testing. Once a more detailed testing plan is established, we will provide additional notifications.

How will the Industry test for the MPI Release and Extended Operational Hours?

The UTP SIP and SIAC are working jointly, in consultation with the UTP Operating Committee and Listing Markets, to establish testing opportunities that ensure smooth transition. Once a more detailed testing plan is established, we will provide additional notifications.

Who should I contact for additional information?